BfG bank, the Swedish SEB owned German financial group, and Cologne-based industrial insurer Gerling Group have signalled their intention to co-operate on insurance, internet banking, brokerage and asset management.
Initially, the collaboration will concentrate on the German market, but the group’s say possible European expansion will be discussed at a later date.

Gerling’s private life assurance products will be sold through BfG’s branch offices and portfolio management centres, BfG FinanzService and the on-line broker SEBdirect.

“The aim of our co-operation is to offer clients a wide range of attractive insurance products and to expand the core areas of internet banking and asset management,” says Lars Lundquist, deputy chairman of BfG’s board of management. “ We are pleased at having been able to gain such a significant co-operation partner as the Gerling Group for our operations in the insurance market.”

Gerling group’s activities include risk management and insurance and it has a premium income of DEM16.5bn.

BfG has been part of the Swedish financial services group SEB since the beginning of this year and it will change its name to SEB in the first quarter of 2001.

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